On July 29, ASML Holding NV fell 3.16% in pre-market trading to $1,539.88 per share, with turnover of $5.69 million, extending a multi-day sell-off.

The decline is driven by continued market reaction to reports that a Chinese state-backed enterprise has commenced mass production of domestically developed immersion DUV lithography machines, with initial targets of approximately 5 units this year and 20 units by next year. While the output remains far below ASML's 131 immersion DUV systems delivered last year, investors are concerned that accelerating Chinese semiconductor self-sufficiency could erode ASML's long-term monopoly position. ASML's China revenue share has already declined from 19% in Q1 to 14% in Q2, intensifying growth outlook concerns.

Notably, some analysts have characterized the sell-off as excessive, arguing that the news was largely anticipated and that ASML's fundamental demand visibility remains robust, with plans to expand Low-NA EUV and ArFi capacity by 30% through 2027-2028.

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